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China is merging hundreds of small banks to fend off financial stress
(www.businessinsider.com)
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this post was submitted on 05 Feb 2024
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Uh... no. If you pay attention to history, debt can and is wiped away without repercussion.
Debt is more of a threat, than anything else. If China fails to pay their debts, does the world just stop doing business with China?
The reason why there's so much unpaid debt is because the ruling class has convinced workers to sell themselves out. That's all. It doesn't actually need to be paid just like college loans. The world would in fact be a better place if it wasn't paid. The only people who get screwed are investors with more money than you.
Sure, to some of that - but China's real estate market is simply vast, at one estimate over 50 trillion dollars' worth - and individual wealth in China is heavily tied to RE. If that bubble pops, it's not just the investors who will be up in arms.
Can you provide some examples where debt was waived away without repercussions?